State of Alaska Department of Revenue Trims Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Posted by on Oct 16th, 2023

State of Alaska Department of Revenue reduced its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF – Free Report) by 10.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 63,835 shares of the mining company’s stock after selling 7,116 shares during the quarter. State of Alaska Department of Revenue’s holdings in Cleveland-Cliffs were worth $1,069,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in CLF. Bank Julius Baer & Co. Ltd Zurich increased its position in Cleveland-Cliffs by 98,060.0% during the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 3,926,399 shares of the mining company’s stock valued at $65,806,000 after purchasing an additional 3,922,399 shares during the period. State Street Corp boosted its holdings in shares of Cleveland-Cliffs by 18.6% during the 2nd quarter. State Street Corp now owns 21,000,065 shares of the mining company’s stock valued at $322,771,000 after buying an additional 3,295,448 shares in the last quarter. Norges Bank bought a new stake in shares of Cleveland-Cliffs during the 4th quarter valued at $50,678,000. Vanguard Group Inc. boosted its holdings in shares of Cleveland-Cliffs by 5.4% during the 1st quarter. Vanguard Group Inc. now owns 44,506,741 shares of the mining company’s stock valued at $1,433,561,000 after buying an additional 2,276,018 shares in the last quarter. Finally, BlackRock Inc. boosted its holdings in shares of Cleveland-Cliffs by 3.8% during the 1st quarter. BlackRock Inc. now owns 56,453,183 shares of the mining company’s stock valued at $1,034,787,000 after buying an additional 2,041,111 shares in the last quarter. 60.97% of the stock is owned by hedge funds and other institutional investors.

Cleveland-Cliffs Stock Performance

Shares of Cleveland-Cliffs stock opened at $15.16 on Monday. Cleveland-Cliffs Inc. has a 1 year low of $11.82 and a 1 year high of $22.83. The firm’s 50-day moving average is $15.02 and its 200 day moving average is $15.78. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.10 and a quick ratio of 0.72. The stock has a market cap of $7.71 billion, a price-to-earnings ratio of 34.45 and a beta of 2.20.

Cleveland-Cliffs (NYSE:CLF – Get Free Report) last issued its earnings results on Monday, July 24th. The mining company reported $0.69 earnings per share for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.01). Cleveland-Cliffs had a return on equity of 3.77% and a net margin of 1.04%. The business had revenue of $5.98 billion during the quarter, compared to analysts’ expectations of $5.80 billion. During the same period last year, the firm posted $1.31 EPS. Cleveland-Cliffs’s quarterly revenue was down 5.6% compared to the same quarter last year. Sell-side analysts anticipate that Cleveland-Cliffs Inc. will post 1.3 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Citigroup upgraded shares of Cleveland-Cliffs from a “neutral” rating to a “buy” rating and set a $22.00 target price on the stock in a report on Monday, September 25th. B. Riley dropped their target price on shares of Cleveland-Cliffs from $26.00 to $25.00 and set a “buy” rating on the stock in a report on Wednesday, September 27th. Finally, StockNews.com assumed coverage on shares of Cleveland-Cliffs in a report on Thursday, October 5th. They set a “hold” rating on the stock. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $19.73.

Check Out Our Latest Stock Analysis on Cleveland-Cliffs

Cleveland-Cliffs Profile

(Free Report)

Cleveland-Cliffs is the largest flat-rolled steel company and the largest iron ore pellet producer in North America. The company is vertically integrated from mining through iron making, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.

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Institutional Ownership by Quarter for Cleveland-Cliffs (NYSE:CLF)

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